New Study Flashcards
Burglary
Breaking in but no threat of violence or harm to a person
- damage to property owned by the insured
- damage to property in the insureds care, custody, or control
- bodily injury to an insured
- injuries or damages caused intentionally by the insured
Common exclusions in a liability policy
Are Worker’s Comp. claims based on their amount of claims or on their payroll?
Payroll
An extended reporting period means what?
It provides coverage outside the policy term
Who is all are considered an insured under Part A-liability coverage in a PAP?
- The named insured and members of his or her family while using any auto
- Anyone using the insurance car with permission
- Other people to the extent that they share liability with an insured
- Other people for their liability arising out of an accident involving a vehicle used by the insured or a family member
What are the 4 Major coverages on Dwelling policies?
DP-1
Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal property
Coverage D- Fair rental value
Coverage A - Dwelling
Coverage B - Other structures
Coverage C - personal property
Coverage D - loss of use
property coverages provided by a homeowners policy
What are the dwelling policy numbers and what do they mean?
DP-1 is a basic coverage form with four parts coverage a -dwelling coverage b- other structures
coverage C - personal property coverage D -fair rental value
DP-2 is a broad form
DP-3 is a special form
*both DP-2 & DP-3 have five coverage parts
part E - additional living expenses
Who determines stated value?
The insured
What is it called if you have two different coverages and it’s the main one that pays?
Primary
What does an application for insurance represent for the insured?
An offer
1-Competent parties
2-legal purpose
3-offer and acceptance (agreement)
4-consideration
the 4 elements of a valid contract?
Robbery
With guns or threat of violence
Imposed by law of those participating in certain activities that are considered especially Hazardous. ~Dangerous materials
~Hazardous operations
~Dangerous animals
Absolute liability
Description of dwelling insurance’s Broad form (DP-2) and Special form (DP-3)
The broad form (DP-2) is a named peril policy listing what dwellings, other structures, and personal property are insured against.
The Special form (DP-3) provides Open Peril coverage for the dwelling and other structures, insuring against all risks of direct of physical loss that are not specifically excluded in the policy.
